|
2oioosi79
<br />restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an
<br />opportunity to inspect such Property to ensure the work has been completed to Lender' s satisfaction, provided that
<br />such inspection shall be undertaken promptly, Lender may pay for the repairs and restoration in a single disbursement
<br />or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable
<br />Law requires interest to be paid an such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any
<br />interest or earnings an such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or
<br />Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with the excess, if any, paid to $orrower. Such Miscellaneous Proceeds shall
<br />be applied in the order provided for in Section 2,
<br />In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be
<br />applied to the sums secured by this Security Instrument, whether ar not then due, with the excess, if any, paid to
<br />Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Froperty in which the fair market value of
<br />the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount
<br />of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value,
<br />unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrument shall be reduced
<br />by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums
<br />secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the
<br />Property immediately before the partial taking, destruction, ar loss in value. Any balance shall be paid to Borrower.
<br />In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of
<br />the Property immediately before the partial taking, destruction, ar loss in value is less than the amount of the sums
<br />secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise
<br />agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether
<br />or not the sums are then due.
<br />If the Property is abandoned by $orrower, or if, after notice by bender to Borrower that the Opposing Party (as
<br />defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to
<br />Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous
<br />Proceeds either to restoration or repair of the Property or to the sums secured by this Security lnstrument, whether
<br />or not then due. "Opposing Forty" means the third party that owes Borrower Miscellaneous Proceeds or the party
<br />against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
<br />Borrower shall be in default if any action ar proceeding, whether civil or criminal, is begun that, in Lender's
<br />judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property
<br />or rights under this Security Instrument, Borrower can cure such a default and, if acceleration has occurred, reinstate
<br />as provided in Section 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's
<br />judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or
<br />rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the
<br />impairment of Lender's interest in the Froperty are hereby assigned and shall be paid to Lender.
<br />All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
<br />order provided for in Section 2.
<br />]I. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modif"icatian of amortization of the sums secured by this Security Instrument granted by Lender to $orrower or any
<br />Successor in Interest of Borrower shall not operate to release the liability of $orrower or any Successors in Interest
<br />of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Harrower
<br />or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security
<br />Instrument by reason of any demand made by the original Borrower or any Successors in Interest of $orrower. Any
<br />forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of
<br />payments from third persons, entities ar Successors in Interest of $orrower or in amounts less than the amount then
<br />due, shall not be a waiver of or preclude the exercise of any right or remedy.
<br />NEBRASKASingle Family-UNIFORM INSTRUMENT DOCMag%C r 800-6A8-1362
<br />MODIFIED FOR DEPARTMENT OF VETERANS AFFAIRS -MFRS www.docmagic.com
<br />(Rev. 1101) Page 8 of 14
<br />~~~
<br />
|